Equipment Deposit Clause Samples
The Equipment Deposit clause requires one party, typically the lessee or borrower, to provide a sum of money as security for the use or rental of equipment. This deposit is usually paid upfront and may be held by the equipment owner or lessor until the equipment is returned in good condition, with deductions made for any damages or unpaid fees. The core function of this clause is to protect the equipment owner against potential losses or damages, ensuring that the equipment is returned as agreed and that any financial liabilities are covered.
Equipment Deposit a. We require an advance security deposit for Managed Wi-Fi Equipment. Upon determination solely by Five Area Systems of satisfactory payment, Five Area Systems may begin refunding of deposits through bill credits.
Equipment Deposit. On or immediately prior to the License Commencement Date and IHUB’s delivery of the Equipment to the User, User hereby agrees to pay to IHUB a refundable deposit in the amount set forth on the Equipment License Schedule (the “Deposit”). The User hereby agrees that IHUB is not required to place the Deposit in a separate account and that the Deposit may be commingled with IHUB’s funds maintained in its operating or other business accounts. The User further agrees that IHUB is not required to pay any interest on the Deposit during the License Term. IHUB’s sole obligation to the User hereunder with respect to the Deposit is the return of the amount of the User’s Deposit, less any deductions authorized herein, within twenty (20) Business Days following the License Expiration Date; provided, that the User returns of the Equipment to IHUB within fifteen (15) Business Days of the License Termination Date in good condition, subject to ordinary wear and tear resulting from proper use, in accordance with Section 7 hereof.
Equipment Deposit. An Equipment Deposit of $50 is required to rent equipment from the District. This deposit will be returned upon receiving back all rented equipment, as well as no damage to the District's equipment.
Equipment Deposit. 9.1. You agree to pay the Deposit to be held by us as security against your default of any loss of or damage caused to the Equipment (in whole or in part).
9.2. In the event that you order additional sets of Equipment, we may require to increase the Deposit payable by you. For the purpose of calculating the increased Deposit, the number of sets shall be multiplied by the Deposit amount set out in clause 1.
9.3. If you cause any loss or damage to the Equipment (in whole or in part), we shall be entitled to apply the Deposit against such default, loss or damage. You shall pay to us any sums deducted from the Deposit within ten (10) working days of a demand for the same.
9.4. The Deposit (or balance thereof) shall be refundable within sixty (60) days of the termination or expiry of this Agreement.
9.5. No interest shall be payable on the Deposit.
Equipment Deposit. Competitive jerseys will be distributed in a GGHA garment bag which must be used to store and transport the Jerseys.